What are some ways that non-profit organizations like United Way raise money?
In: Accounting
In United State of America they say a billion is thousands million what is a billion in south africa
In: Finance
Discuss legal system in United Arab Emirates and provide a few examples of its execution.
In: Operations Management
What has been the impact of the Citizens United and Speechnow decisions on political campaign funding?
In: Civil Engineering
Comparative Analysis of Healthcare Systems between Haiti vs United Kingdom essay form?
In: Nursing
History questions: The amendments to the constitution that finally put an end to slavery in the United State of America.
In: Psychology
in the united state economy what needs to do in order to stay competitive in the world market.
In: Economics
In your own words write a summary about anti smoking messages in the United state
In: Math
In which of the following ways do utilitarians and Aristotle stand united against Rawls’s liberalism?
In: Psychology
Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, Year 1. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31:
| Year 1 | |
| Jan. 18. | Purchased 8,300 shares of Malmo Inc. as an available-for-sale security at $42 per share, including the brokerage commission. |
| July 22. | A cash dividend of $0.55 per share was received on the Malmo stock. |
| Oct. 5. | Sold 3,700 shares of Malmo Inc. stock at $46 per share, less a brokerage commission of $45. |
| Dec. 18. | Received a regular cash dividend of $0.55 per share on Malmo Inc. stock. |
| Dec. 31 | Malmo Inc. is classified as an available-for-sale investment
and is adjusted to a fair value of $40 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment. |
| Year 2 | |
| Jan. 25. | Purchased an influential interest in Helsi Co. for $610,000 by
purchasing 49,000 shares directly from the estate of the founder of Helsi Co. There are 140,000 shares of Helsi Co. stock outstanding. |
| July 16. | Received a cash dividend of $0.65 per share on Malmo Inc. stock. |
| Dec. 16. | Received a cash dividend of $0.65 per share plus an extra dividend of $0.15 per share on Malmo Inc. stock. |
| Dec. 31 | Received $18,000 of cash dividends on Helsi Co. stock. Helsi
Co. reported net income of $74,000 in Year 2. Glacier Products uses the equity method of accounting for its investment in Helsi Co. |
| Dec. 31 | Malmo Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $45 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment for the increase in fair value from $40 to $45 per share. |
Required:
1. Journalize the entries to record the preceding transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. In your computations, round per share amounts to two decimal places.
2. Prepare the investment-related asset and
stockholders’ equity balance sheet presentation for Glacier
Products Inc. on December 31, Year 2, assuming that the Retained
Earnings balance on December 31, Year 2, is $445,000.
In: Accounting